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OFFON

CNH INDUSTRIAL N.V.

(CNHI)
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CNH Industrial N : 2021 SECOND QUARTER RESULTS

07/30/2021 | 12:29pm EDT

2021 SECOND QUARTER RESULTS

PRESS RELEASE

2021 SECOND QUARTER RESULTS

CNH Industrial reports strong second quarter performance. Consolidated revenues of $8.9 billion (up 60% compared to Q2 2020), net income of $699 million, adjusted diluted EPS of $0.42, and adjusted EBIT of Industrial Activities of $699 million (up $757 million). $1.0 billion free cash flow of Industrial Activities.

Financial results presented under U.S. GAAP

"I am extremely proud of the outstanding execution of our CNH Industrial team in the second quarter, especially for their commitment to delivering for our customers and dealers around the world. Despite ongoing supply chain challenges and inflationary pressures, the continued strength of our end markets in conjunction with aggressive pricing activity, margin expansion initiatives, and solid teamwork propelled us to record second quarter earnings. Our industry is clearly in a cyclical upturn and the sound fundamental performance of our businesses and operations is enabling us to capture much of the benefit. This robust environment contributed to growth across AG, CE, and C&SV order books, which also reflected the excellent Q2 performance of each of these businesses. With the acquisition of Raven Industries, the largest in our company's history, we are adding significantly to our precision agriculture capabilities and establishing the foundation for building this into a sustainable competitive advantage. We also began the first phase of our organization redesign, directed both at eliminating bureaucratic obstacles to customer centricity and to positioning each business in preparation for the spin. Both SpinCo and RemainCo remain laser focused on delivering for our customers throughout these activities, and with market demand and customer sentiment rising, our production facilities moving mountains to satisfy customer needs, and a comprehensive plan being nimbly executed by our dedicated team, CNH Industrial is poised for a noteworthy second half and an even brighter future."

Scott Wine, Chief Executive Officer

2021 Second Quarter Results

(all amounts $ million, unless otherwise stated - comparison vs Q2 2020)

US GAAP

NON GAAP(1)

Consolidated revenues

8,911

+60%

+51% c.c.(*)

Adjusted EBIT of Industrial Activities

699

+1,305%

of which Net sales of Industrial

Adjusted EBIT Margin of Industrial

Activities

8,490

+65%

+55% c.c.

Activities

8.2 %

+930

bps

Net income

699

+338

Adjusted net income

583

+668

Diluted EPS $

0.51

+0.25

Adjusted diluted EPS $

0.42

+0.49

Cash flow from operating activities

999

-68

Free cash flow of Industrial Activities

1,008

+911

Cash and cash equivalents

7,820

+761

(**)

Available liquidity

14,423

+537

(**)

(*) c.c. means at constant currency

(**) comparison vs March 31, 2021

Net sales of Industrial Activities of $8,490 million, up 65%, with solid performance from all segments, as a result of higher volumes driven by strong industry demand and price realization.

Adjusted EBIT of Industrial Activities of $699 million (loss of $58 million in Q2 2020), with all segments up year over year. Agriculture adjusted EBIT margin at 14.7%. Adjusted EBIT of $100 million for Commercial and Specialty Vehicles, $74 million for Powertrain and $24 million for Construction.

Adjusted net income of $583 million, with adjusted diluted earnings per share of $0.42 (adjusted net loss of $85 million in Q2 2020, with adjusted diluted loss per share of $0.07).

Reported income tax expense of $188 million, with adjusted effective tax rate (adjusted ETR(1)) of 25%.

Free cash flow of Industrial Activities was positive $1.0 billion due to the strong operating performance. Total Debt of $24.5 billion at June 30, 2021 ($26.1 billion at December 31, 2020). Industrial Activities net cash(1) position at $1.4 billion, an increase of $0.8 billion from March 31, 2021.

Available liquidity at $14.4 billion as of June 30, 2021. In May 2021, CNH Industrial paid €150 million (~$180 million) in dividends to shareholders. In the same month, CNH Industrial Capital LLC issued $600 million in aggregate principal amount of 1.450% notes due 2026.

Continued recovery across our industrial end markets supported our strong performance in the second quarter. Higher commodity prices stimulated demand for agriculture equipment while supply chain difficulties affected raw material and component costs and availability.

Global supply chain remains unstable and will require continued diligent coordination to work through increasing input costs and logistics pressures which are expected to extend through the second half of the year.

Order book in Agriculture more than doubled year over year for tractors with strong dealer order collection in all regions, particularly in North America, and more than tripled for combines, with strongest growth in North America and South America.

Construction order book was up year over year in both Heavy and Light sub-segments, with increases in all regions and particularly in North America and Europe.

Truck order intake in Europe up 150% year over year, with light duty trucks up 141%, and medium & heavy-duty trucks up 172%. Truck book-to-bill in Europe at 1.22.

2021 Outlook

The Company expects solid demand to continue across regions and segments. In the second half of the year, increased impact of raw material and continued freight and logistics costs will be partially offset by positive price realization.

The Company is updating the 2021 outlook for its Industrial Activities as follows:

  • Net sales(***) up between 24% and 28% year on year including currency translation effects
  • SG&A expenses lower/equal to 7.5% of net sales
  • Free cash flow positive in excess of $1.0 billion
  • R&D expenses and capital expenditures up slightly from previous ~ $2.0 billion.

Refer to section "Notes" at page 4 for an explanation of the items referenced on this page and to page 12 onwards for the reconciliations

1

(***) Net sales reflecting the exchange rate of 1.20 EUR/USD

AGRICULTURE

Change

Q2 2021

Q2 2020

Change

at c.c.(*)

Net sales

($ million)

3,970

2,541

+56.2%

+49.2%

Adjusted EBIT

($ million)

582

203

+379

Adjusted EBIT

margin

14.7%

8.0%

+670

bps

CONSTRUCTION

Change

Q2 2021

Q2 2020

Change

at c.c.(*)

Net sales

($ million)

808

420

+92.4%

+86.2%

Adjusted EBIT

($ million)

24

(87)

+111

Adjusted EBIT

margin

3.0%

(20.7)%

+2,370

bps

COMMERCIAL AND

SPECIALTY VEHICLES

Change

Q2 2021

Q2 2020

Change

at c.c.(*)

Net sales

($ million)

3,220

1,739

+85.2%

+71.4%

Adjusted EBIT

($ million)

100

(156)

+256

Adjusted EBIT

margin

3.1%

(9.0)%

+1,210

bps

POWERTRAIN

Change

Q2 2021

Q2 2020

Change

at c.c.(*)

Net sales

($ million)

1,287

763

+68.7%

+55.0%

Adjusted EBIT

($ million)

74

32

+42

Adjusted EBIT

margin

5.7%

4.2%

+150

bps

FINANCIAL SERVICES

Change

Q2 2021

Q2 2020

Change

at c.c.(*)

Revenues

($ million)

439

441

-0.5%

-4.1%

Net income

($ million)

99

53

+46

Equity at

quarter-end

($ million)

3,030

2,693

+337

Retail loan

originations

($ million)

2,878

2,372

+21%

PRESS RELEASE

In North America, tractor demand was up 3% for tractors under 140 HP, and up 49% for tractors over 140 HP; combines were up 10%. In Europe, tractor and combine demand were up 31% and 13%, respectively. South America tractor and combine demand were up 38%. In Rest of World tractor and combine demand increased 38% and 12%, respectively.

Net sales were up 56%, mainly due to higher industry demand, better mix in all regions, and favorable price realization.

Adjusted EBIT was $582 million, with Adjusted EBIT margin at 14.7%. The $379 million increase was driven by higher volume, favorable mix and positive price realization, partially offset by higher raw material and freight costs, higher SG&A and R&D spend from the low levels of previous year, as well as higher variable compensation.

Global demand for construction equipment increased in both Heavy and Light sub-segments, with Heavy up 6% and Light up 21%. Demand increased 42% in North America, 36% in Europe and 102% in South America, but decreased 4% in Rest of World.

Net sales were up 92%, as a result of higher volumes driven by industry demand, channel destocking actions in 2020, and better price realization.

Adjusted EBIT increased $111 million due to favorable volume and mix, positive price realization and favorable quality performance, partially offset by higher material and freight costs. Adjusted EBIT margin at 3.0%.

European truck market was up 45% year over year, with light-duty trucks ("LCV") up 40%, while medium and heavy trucks ("M&H") were up 61%. South American truck market was up 73% in LCV and up 80% in M&H. Order book is strong across all regions. Bus registrations increased 21% in Europe and 91% in South America.

Net sales were up 85%, primarily driven by higher truck volumes.

Adjusted EBIT was $100 million, with Adjusted EBIT margin at 3.1%. The $256 million increase was driven by favorable volume and mix, and positive price realization, partially offset by higher material costs, higher SG&A and R&D spend from low levels of prior year, as well as higher variable compensation.

Net sales were up 69% due to higher sales volume with both captive and external customers. Sales to external customers accounted for 42% of total net sales (63% in Q2 2020).

Adjusted EBIT increased $42 million to $74 million, with Adjusted EBIT margin at 5.7%. Favorable volume and mix, and positive price realization more than offset higher freight costs and higher spending for regulatory and new programs.

Revenues were flat due to lower average portfolio in North America and lower loan yields, offset by the positive impact of currency translation. Retail loan and leases originations were up 21% on the back of higher industrial sales.

Net income increased $46 million to $99 million, primarily due to lower risk costs and improved pricing on used equipment sales.

The managed portfolio (including unconsolidated joint ventures) was $27.0 billion at the end of the quarter, up $2.4 billion compared to June 30, 2020 (up $1.2 billion on a constant currency basis). The receivable balance greater than 30 days past due as a percentage of receivables was 2.0% (2.8% as of June 30, 2020).

Refer to section "Notes" at page 4 for an explanation of the items referenced on this page and to page 12 onwards for the reconciliations

2

PRESS RELEASE

RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2021

Consolidated revenues of $16.4 billion (up 48% year on year), net income of $1,124 million, with adjusted diluted EPS of $0.74, adjusted EBIT of Industrial Activities of $1,244 million, and $0.6 billion free cash flow of Industrial Activities, as a result of the strong operating performance.

Results for the Six Months Ended June 30, 2021

(all amounts $ million, unless otherwise stated - comparison vs six months ended June 30, 2020)

US GAAP

NON GAAP(1)

Consolidated revenues

16,384

+48%

+42% c.c.(*)

Adjusted EBIT of Industrial Activities

1,244

+704%

of which Net sales of Industrial

15,533

Adjusted EBIT Margin of Industrial

8.0%

Activities

+53%

+46% c.c.

Activities

+1,000

bps

Net income

1,124

+817

Adjusted net income

1,037

+1,188

Diluted EPS $

0.81

+0.60

Adjusted diluted EPS $

0.74

+0.87

Cash flows from operating

1,371

Free cash flow of Industrial

637

activities

+836

Activities

+2,063

Cash and cash equivalents

7,820

-965(**)

Available liquidity

14,423

-1,448(**)

(*) c.c. means at constant currency

(**) comparison vs December 31, 2020

AGRICULTURE

H1 YTD

H1 YTD

Change

2021

2020

Change

at c.c.(*)

Net sales

($ million)

7,008

4,785

+46.5%

+42.0%

Adjusted EBIT

($ million)

981

227

+754

Adjusted EBIT

margin

14.0%

4.7%

+930

bps

COMMERCIAL AND

SPECIALTY VEHICLES

H1 YTD

H1 YTD

Change

2021

2020

Change

at c.c.(*)

Net sales

($ million)

6,025

3,760

+60.2%

+49.4%

Adjusted EBIT

($ million)

176

(212)

+388

Adjusted EBIT

margin

2.9%

(5.6)%

+850

bps

FINANCIAL SERVICES

H1 YTD

H1 YTD

Change

2021

2020

Change

at c.c.(*)

Revenues

($ million)

887

930

-4.6%

-6.4%

Net income

($ million)

190

133

+57

CONSTRUCTION

H1 YTD

H1 YTD

Change

2021

2020

Change

at c.c.(*)

Net sales

($ million)

1,464

842

+73.9%

+70.7%

Adjusted EBIT

($ million)

49

(170)

+219

Adjusted EBIT

margin

3.3%

(20.2)%

+2,350

bps

POWERTRAIN

H1 YTD

H1 YTD

Change

2021

2020

Change

at c.c.(*)

Net sales

($ million)

2,521

1,516

+66.3%

+53.7%

Adjusted EBIT

($ million)

189

63

+126

Adjusted EBIT

margin

7.5%

4.2%

+330

bps

Refer to section "Notes" at page 4 for an explanation of the items referenced on this page and to page 12 onwards for the reconciliations

3

PRESS RELEASE

Notes

CNH Industrial reports quarterly and annual consolidated financial results under U.S. GAAP and EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with U.S. GAAP. Financial results under EU- IFRS are shown in specific tables at the end of this press release.

  1. This item is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Information" section of this press release for information regarding non-GAAP financial measures. Refer to the specific table in the "Other Supplemental Financial Information" section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.

(*) c.c. means at constant currency.

Non-GAAP Financial Information

CNH Industrial monitors its operations through the use of several non-GAAP financial measures. CNH Industrial's management believes that these non- GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers' ability to assess CNH Industrial's financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP or EU-IFRS and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP and/or EU-IFRS.

CNH Industrial's non-GAAP financial measures are defined as follows:

  • Adjusted EBIT of Industrial Activities under U.S. GAAP: is defined as net income (loss) before income taxes, Financial Services' results, Industrial Activities' interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities.
  • Adjusted EBIT of Industrial Activities under EU-IFRS: is defined as profit/(loss) before taxes, Financial Services' results, Industrial Activities' financial expenses, restructuring costs, and certain non-recurring items.
  • Adjusted Net Income (Loss): is defined as net income (loss), less restructuring charges and non-recurring items, after tax.
  • Adjusted Diluted EPS: is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH Industrial share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on a earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end.
  • Adjusted Income Taxes: is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits.
  • Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items.
  • Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash, other current financial assets (primarily current securities, short-term deposits and investments towards high- credit rating counterparties) and derivative hedging debt. CNH Industrial provides the reconciliation of Net Cash (Debt) to Total (Debt), which is the most directly comparable measure included in the consolidated balance sheets. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Cash (Debt) of Industrial Activities.
  • Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow): refers to Industrial Activities, only, and is computed as consolidated cash flow
    from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under buy- back commitments, assets under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations.
  • Available Liquidity: is defined as cash and cash equivalents plus restricted cash, undrawn medium-term unsecured committed facilities and other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties).
  • Change excl. FX or Constant Currency: CNH Industrial discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year's revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations.

The tables attached to this press release provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

Forward-looking statements

All statements other than statements of historical fact contained in this earning release including statements under "2021 Outlook" and statements regarding our future responses to and effects of the COVID-19 pandemic; competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. These statements may include terminology such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "outlook", "continue", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "prospects", "plan", or similar terminology. Forward-looking statements, including those related to the COVID- 19 pandemic, are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: the unknown duration and economic, operational and financial impacts of the global COVID-19 pandemic and the actions taken or contemplated by governmental authorities or others in connection with the pandemic on our business, our employees, customers and suppliers, including supply chain disruptions caused by mandated shutdowns and the adverse impact on customers, borrowers and other third parties to fulfill their obligations to us; disruption caused by business responses to COVID-19, including remote working arrangements, which may create increased vulnerability to cybersecurity or data privacy incidents; our ability to execute business continuity plans as a result of COVID-19; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, including demand uncertainty caused by COVID-19;

4

PRESS RELEASE

general economic conditions in each of our markets, including the significant economic uncertainty and volatility caused by COVID-19; travel bans, border closures, other free movement restrictions, and the introduction of social distancing measures in our facilities may affect in the future our ability to operate as well as the ability of our suppliers and distributors to operate; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; production difficulties, including capacity and supply constraints and excess inventory levels; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used vehicles; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, follow-on private litigation in various jurisdictions after the settlement of the EU antitrust investigation announced on July 19, 2016, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; our pension plans and other post-employment obligations; further developments of the COVID-19 pandemic on our operations, supply chains, distribution network, and level of demand for our products, as well as negative evolutions of the economic and financial conditions at global and regional levels; political and civil unrest; volatility and deterioration of capital and financial markets, including possible effects of "Brexit", other pandemics, terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; the impact of significant or unanticipated material extraordinary transactions or any business combinations and other similar transaction on our businesses, our 2021 Outlook and other financial or business projections; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures, including our proposed acquisition of Raven Industries, Inc.; expected benefits and costs of the proposed spin-off of the Company's On-Highway business; the expected timing of completion of the spin-off transaction; the ability of the Company to complete the spin-off transaction considering the various conditions to the completion of the spin-off transaction (some of which are outside the Company's control); business disruption during the pendency of or following the spin-off transaction, diversion of management time on the spin-offtransaction-related issues, and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing. Further information concerning factors, risks, and uncertainties that could materially affect the Company's financial results is included in our annual report on Form 20-F for the year ended December 31, 2020, prepared in accordance with U.S. GAAP and in the Company's EU Annual Report at December 31, 2020, prepared in accordance with EU-IFRS. Investors are expressly invited to refer to and consider the information on risks, factors, and uncertainties incorporated in the above-mentioned documents, in addition to the information presented here.

Forward-looking statements are based upon assumptions relating to the factors described in this earnings release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Our actual results could differ materially from those anticipated in such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update or revise publicly our forward-looking statements, whether as a result of new developments or otherwise. The impact of COVID-19 has already exacerbated and is expected to further exacerbate all or part of the risks discussed in this section. Further information concerning CNH Industrial and its businesses, including factors that potentially could materially affect CNH Industrial's financial results, is included in CNH Industrial's reports and filings with the U.S. Securities and Exchange Commission ("SEC"), the Autoriteit Financiële Markten ("AFM") and Commissione Nazionale per le Società e la Borsa ("CONSOB").

All future written and oral forward-looking statements by CNH Industrial or persons acting on the behalf of CNH Industrial are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Conference Call and Webcast

Today, at 3:30 p.m. CEST / 2:30 p.m. BST/ 9:30 a.m. EDT, management will hold a conference call to present 2021 second quarter and first half results to financial analysts and institutional investors. The call can be followed live online at https://bit.ly/CNH_Industrial_Q2_2021and a recording will be available later on the Company's website www.cnhindustrial.com. A presentation will be made available on the CNH Industrial website prior to the call.

London, July 30, 2021

CONTACTS

Media Inquiries

Investor Relations

United Kingdom

United Kingdom

Richard Gadeselli

Federico Donati

Tel: +44 207 7660 346

Tel: +44 207 7660 386

Laura Overall

Tel: +44 207 7660 338

United States

Noah Weiss

E-mail:mediarelations@cnhind.com

Tel: +1 630 887 3745

www.cnhindustrial.com

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

CNH Industrial NV published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 16:28:08 UTC.


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Net income 2021 1 812 M - -
Net cash 2021 1 492 M - -
P/E ratio 2021 12,2x
Yield 2021 0,99%
Capitalization 22 697 M 22 697 M -
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Nbr of Employees 64 016
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 16,76 $
Average target price 20,62 $
Spread / Average Target 23,0%
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Scott Wellington Wine Chief Executive Officer & Director
Oddone Incisa della Rocchetta CFO & President-Financial Services
Suzanne Heywood Chairman
Jayanthi Iyengar Chief Technology Officer
LÚo W. Houle Senior Independent Non-Executive Director
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